Bitcoin Holds Steady Above $67,000, Eyes Further Gains Amid Bullish Momentum

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Bitcoin continued to hold its ground above the critical $67,000 resistance zone, demonstrating a robust consolidation phase with an eye on further gains past the $68,350 resistance mark. The cryptocurrency remained stable, extending its gains beyond the $67,500 zone. Presently, Bitcoin is trading above $67,400, comfortably positioned above the 100-hourly Simple Moving Average (SMA).

A key bullish trend line is shaping up, providing support at the $67,400 level on the hourly chart of the BTC/USD pair, based on data from Kraken. The pair showed potential for a significant rally if it managed to close above the $68,200 resistance zone, indicating a forthcoming upward momentum.


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Bitcoin’s price has maintained support above the $67,000 pivot zone, reflecting a persistent bullish activity above the $66,500 level. After reaching a high of $68,328, there was a minor pullback, with the price briefly dipping below $67,000. It also fell past the 23.6% Fibonacci retracement level of the rise from the $64,685 low to the $68,328 high. Despite this, bullish activity continued above the $66,500 level.

The BTC/USD pair’s chart highlights the formation of a crucial bullish trend line, providing further support around the $67,400 mark. Currently, Bitcoin is trading above $67,200 and maintains its position above the 100-hourly SMA. On the upside, resistance looms near the $68,000 level, with the first significant resistance appearing around $68,200. A decisive move above this resistance could propel the price higher, with the next key resistance at $68,850.

Should Bitcoin close above the $68,850 resistance, it might trigger additional gains, potentially testing the $71,650 resistance level. Continued upward momentum could elevate the price towards the $72,000 resistance level.

However, if Bitcoin struggles to ascend past the $68,000 resistance zone, it may face another decline. Immediate support is found near $67,200, aligning with the trend line. Significant support resides around $66,500, aligning with the 50% Fibonacci retracement level from the upward swing of $64,685 to $68,328. Further declines could push the price to the $66,000 zone, with additional losses possibly driving it down to the $65,500 support in the near future.

Technical indicators reflect a bullish stance, with the hourly MACD gaining momentum in the bullish zone. The hourly RSI for BTC/USD stands above the 50 level, suggesting a bullish outlook. Major support levels are identified at $67,200 and $66,500, while significant resistance levels are pinpointed at $68,000 and $68,200.